Korean Job Discussion Forums

[4seasons]

Do you practice simple or frugal living? Have recent economical factors such as the falling exchange rates caused you to rethink your spending or saving habits? Do you take taxis or eat out less often?

This is a thread for people actively trying to or interested in living a simple, frugal life here in Korea. Basically, living within your means and saving as much as you can while living a full but not a deprived life.

Is it possible to live a simple and frugal life here? What percentage of your salary are you able to save monthly? Feel free to post about how you live a simple life here, money saving tips, the rewards and challenges of frugal living here in Korea.


****This is NOT a thread for people who think that living frugally is crazy or who are interested in ridiculing or putting down those of us who choose to live economically and within our means.

For those of you who are not sure of what frugal living is, here is a site that explains it:

http://frugalliving.about.com/od/frugalliving101/a/What_Is_Frugal.htm

[Sapa]

there was quite a long thread on this only a month or 2 back. It had lots of useful info.

[samd]

[Sapa]

http://forums.eslcafe.com/korea/viewtopic.php?t=133488&postdays=0&postorder=asc&start=0

[princess]

I find it hard to believe that people are curbing their spending because of the economy going down. I was at Coex 2 weeks ago, and I noticed people with shopping bags more than ever and for the first time, I actually had to wait 15 minutes on a table at my fav hotel restaurant. Maybe people think they better spend money while they have it. My Korean friend also told me that drinking has been on the rise lately. So, I guess the bars are getting more business, too.

[Bryan]

I get by fine with a $500 stipend per month, and $100 (plus $55 in monthly bus costs) to go to wrestling training. I generally eat at the university or home. I always get 8 eggs for 1600 won at the university.

I'm on a diet where I only eat fruit, meat, and vegetables (no grains and stuff) so its not like I eat only ramen. I eat well. Mostly mackerel, tuna, full chickens, and eggs, cooked with vegetables. Lately I've been buying cheap squishy persimmon that they are trying to get rid of, and freezing them and eating them cold. I always preferred the taste of frozen fruit so it works well.

Basically I only spend on food, training, and transportation. My gym membership was 20,000 won for a semester. I'm not sitting at home bored; I'm usually busier than most people I know, because of a full courseload of classes, wrestling every weeknight, studying Korean when I can.

By the way, I suggest studying Korean online if you're bored and need something to do. It's free! Most people's entertainment budget is what eats away at their money. It depends what your hobby is really.

[GreenlightmeansGO]

There was an awesome thread a year or two back...loads of pages, if I remember correctly.

I'm gonna try survive on 400 000 this next month - I was thinking of documenting all my spending and posting on here...we'll see about that.

Not eating out, not drinking (and if you have to drink there's always soju) and catching the subway rather than taxis. That's pretty simple, I guess...but it works. I buy a lot of microwaveable curries and rice...ramyeon...eat odeng and ddeok-boki on the street.

If you really want to be serious about saving every cent...take a bottle with to work and fill it up with water from their machine; buy your own coffee machine (about 30 000 for the machine and 5 000 for a bag of filter coffee) so you don't have to go to coffee shops so much; if you need to print anything out, do it at work; watch movies at home or on your computer (cinemas are waaaayyyy too expensive); never phone anyone - maybe e-mail or get a cellphone contract with free minutes (not sure about that one); eat Korean; whenever you buy something, have a Korean friend/significant other go with you to bargain/get the real price.

That's all I got for now.

If you're really disciplined I think you could get by on:
150 000 (maybe less) for food a month
100 000 for TV, internet, gas, electricity, phone (maybe a bit more)
40 000 subway

That's 290K, so let's say 350K (counting toilet paper and other random stuff)...but I'm tired, so there's a good chance I'm forgetting something.

[Beeyee]

[Cheonmunka]

Disagree. Shack up with a homely, good 'ole Christian girl and she'll sort out your finances for you. Give her your money, she'll turn it into a pot of gold. (Not to mention all the other things that depraved goody good things girls do in bed.)
Been there done that and still do.
Now I look at the eco crisis as a crock of shit without fear these words will come back and bite my arse.


Make sure she's not too Christian

[MollyBloom]

Since 2006, even though my salary has changed, I have allowed myself a 500,000 won budget a month. I use that money for utilities, food (I buy meat/chicken/cheese/frozen stuff at Costco and fresh veggies/fruit at my local mart) and anything else I need. Guilty pleasures are going out for coffee and dinner.

[Whirlwind]

You guys know that you aren't gonna live forever right? Life is pretty short. I'm all for making smart financial decisions, but when going out for coffee is living large, you need to re-assess things.

[Ivor]

Cook your own food man!

and take a bus, NOT a cabby!

[Hyeon Een]

I recently found out that I can live so cheap that it HURTS.

My new top tip is to cook your own rice (you're welcome to mix it with barley and other grains if you so wish) and buy side dishes in your local market. I can spend 5,000won in my local market and have enough side dishes for about 10 meals. It's ridiculous how cheap it is. And it's all home-made too, not imported from China crap.

My cost of living dropped by like 90% when I stopped making my own banchan. I now eat my dinner with 10 side dishes and think nothing of it.. I'm sure 100 years ago people would have said I was living like a king =) I am, and I eat well, and it is wonderful.

(If you like to live off of cheese and other imports you might be miserable. Sorry.)

[4seasons]

Basically, I budget 400,000 won a month (100,000 a week) for all expenses excluding utilities (phone, water, electricity, internet/cable package, gas). I keep extra money on hand just in case, but have almost never gone over budget. However, I seldom spend the entire amount in which case I reward myself with the extra which gets rolled over to my travel account.

On that 100,000 a week, I am able to eat healthy, high quality, home made, low carb meals, eat out every now and then with my friends, pursue several hobbies and other entertainment, give occasional gifts, commute (sometimes take taxis) etc. I think the bulk of my spending is on fresh fruit and veggies.

The only major change that I've made with the recent economy is going to Costco less frequently. I still go to Costco for salmon, shrimps, chicken strips, salad, almonds etc, I just go less frequently. My other money saving tips:


-no Starbucks or other '6,000 won a cup of green tea' coffee shops

-waking up earlier so that I do not have to take taxis, can have a full breakfast at home and prepare a bag lunch to take to work

-minimal impulse buying

[Zutronius]

Check out the second hand shops for good deals. I bought a great fall/winter jacket for 5,000 won.